The money had been the result of a giant campaign to get the beautiful instrument to the Two Moors Festival since it had been decided that the prize exhibit would be the main attraction.
Penny Adie, was to have the expensive 'Rolls Royce of 'pianos at her home near South Molton so that everyone could come and see it, but disaster struck as the removal men, who were connoisseurs in shifting the priceless objects, dropped it as they were lifting it out of the lorry. It crashed onto the ground, almost beyond repair.
The piano had been bought at auction for a snip of the original price at a mere £26,000 was going to take centre stage in sound at the festival this Spring.
Mrs Adie had been so excited at the piano's arrival and she couldn't wait for it to appear at the festival. She said, "I was like a child before Christmas. It was going to be so magical for the festival to have its own piano, a dream come true."
The piano was being taken out of the lorry on a standard hydraulic lift when it wobbled and plummeted 8 feet to the ground.
Mrs Adie, who wanted to film the arrival of the piano, filmed everything, including the unexpected crash. She could not believe what she was filming.
"This was my worst nightmare, It was a Laurel and Hardy-style disaster, all of a sudden you see your dream piano smashed to smithereens."
The piano has now gone back to London to assess the damage but the future for it looks uncertain.
It had been a two-year long campaign which was to raise the cash for the piano, spearheaded by Sophie, Countess of Wessex, who is the event's patron. The event was to help raise money for the are since being devastated by the foot and mouth crisis back in 2001.